9 key financial deadlines to keep in mind in 2019

9 key financial deadlines to keep in mind in 2019

In India, financial year runs from 1st April to 31st March of next year. Hence, you need to prioritise your financial obligations until the due date arrives.

As 2018 comes to an end, most of us have started working on the tasks and deadlines for next year. If you create a clear overview of what your financial deadlines for the coming year are, you may save yourself from a massive headache down the road. Here is a checklist of important financial deadlines you need to know about in 2019.

PAN-Aadhaar linking deadline

Following the Supreme Court verdict on Aadhaar, it has becomes mandatory for every PAN card holder to link his/her PAN with Aadhaar. On June 30, the Central Board of Direct Taxes (CBDT) had earlier extended the deadline to link PAN with Aadhaar to March 31, 2019.

As per Section 139AA of the Income Tax Act, if an individual fails to link his PAN card with Aadhaar by March 31, his/her PAN will be deemed invalid.

Deadline for PAN card application

Individuals or non-individuals entities who have conducted a transaction of over Rs 2.5 lakh in a financial year without PAN card, will now have to apply for a PAN on or before May 31, 2019.

Also Read: Income Tax made easy: PAN card in 4 hours, pre-filled I-T forms on the anvil

Deadline to file your ITR for FY18

If you have missed filing tax returns earlier, then you must file your belated income tax return (ITR) on or before March 31, 2019. In case you fail again, then be ready to pay a certain amount of penalty as per current income tax laws. You will have to pay a fine of Rs 5,000 if ITR for 17-18 is filed on or by December 31, 2018, while a further delay would lead to a fine of Rs 10,000.

Deadline to revise your ITR for FY18

According to current income tax laws, final date to revise your income tax return (ITR) for financial year 2017-18 is March 31, 2019. If you have committed any mistake in the ITR filing, then you must rectify within the deadline, or else you will miss the chance to file a revised return.

Deadline to avail Pradhan Mantri Awas Yojana (PMAY) benefits

If you are planning to buy a house and want to claim credit linked subsidy under Pradhan Mantri Awas Yojana (PMAY), then you must fill the required form by March 31, 2019. This is applicable for a first-time home buyer who wants to avail of the benefits under the scheme. The amount of subsidy depends on annual income of the applicant.

Block your date to file ITR for FY19

The beginning of the financial year is going to be very crucial with regard to financial deadlines, activities and tasks all the way until summer. So you need to define the time frame to file ITR for the financial year 2018-19 to avoid any last time hassle. Ideally, you should file ITR by July 31, which happens to be the last date unless the government plans to extend it.

Manage physical shares transfer to demat

All the individuals who have shares in physical form of a company, they should convert their respective shares into demat (dematerialise) format before April 1, 2019. If you fail to comply, you might not be able to sell your physical shares until you dematerialise them in your demat account.

Submit tax-saving documents to claim allowances

Don't forget to submit all your tax-savings and claim reimbursements documents such as rent receipts, Leave Travel Allowance (LTA), conveyance, communication and other tax-savings related documents by March 31, 2019.

Make investments to save tax

If you want to get tax relief in income tax return (ITR) filing, then you must make investments under Chapter VI A. Investment under this section may help you to avoid higher TDS deduction from your gross salary. Adding to it, deductions on account of payment of premium for health insurance under 80D, donations under 35AC or 80G are allowable only if the investment has been made on or before March 31, 2018.

Edited by Chitranjan Kumar